Part 1 Saved Help Save & Exit Submit 3 Check my work Required information [The following information applies to the questions displayed below.] Laser Delivery Services, Inc. (LDS), was incorporated January 1. The following transactions occurred during the year: a. Received $28,000 cash from the company's founders in exchange for common stock. b. Purchased land for $9,500, signing a two-year note (ignore interest). c. Bought two used delivery trucks at the start of the year at a cost of $10,000 each; paid $2,500 cash and signed a note due in three years for $17,500 (ignore interest). d. Paid $900 cash to a truck repair shop for a new motor, which increased the cost of one of the trucks. e. Stockholder Jonah Lee paid $230,000 cash for a house for his personal use. 2. Record the effects of each item using a journal entry. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < Prev 6 7 8 9 of 10 Next >